EBZ needs funding and EBZ needs a future

Innovation Brain, the award winning turnaround and restructuring company, who have recently acquired Hellenic Sugar Industry are pleased to be on board to steer the company out of bankruptcy and towards a new era by diversifying the offering to the open markets.

Lukas Fecker, CEO of Innovation Brain comments “ We are completely committed to the sugar production for imports and exports as well as branching out into other agricultural products for trading such as cotton, wheat and oil. We are really pleased that we have made progress so fast and all of the necessary companies have been set up and we are still in the process of hiring the complete management team. We are also pleased to report that we have signed our first sales contract for 80,000 MT for Greece.”

Although there is good news on the sales and company progress, there is a potential setback with EBZ. Innovation Brain have successfully secured funding of up to €30m, and they want to use this money to buy sugar in Greece and Serbia and support production. So far the proposals have not been accepted. Leaving the destiny of the Greek factories for 2018 uncertain. This is not good and is very concerning. EBZ needs funding and EBZ needs a future. There needs to be a long term future so the farmers can continue to produce mainly sugar but also other products.

It is of crucial importance to Innovation Brain that the farmers can deliver their beet and get paid for it at a fair price. They have supported EBZ and are committed to the sugar production. We want to work with these farmers in 2019 and beyond.

This could have a serious impact on the business and could be a big concern for the farmers. Lukas Fecker continues to comment “We are offering liquidity and ask very little security for it. EBZ’s  sugar is of special quality and we need it for our customers. We will continue to seek a solution with the board of EBZ, both in Greece and in Serbia so we can secure the long term future of local sugar production.”